Royal Bank of Canada Has $443.17 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Royal Bank of Canada increased its position in Cummins Inc. (NYSE:CMI - Free Report) by 3.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,271,279 shares of the company's stock after purchasing an additional 44,907 shares during the quarter. Royal Bank of Canada owned approximately 0.93% of Cummins worth $443,169,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of CMI. Global Trust Asset Management LLC boosted its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department acquired a new stake in shares of Cummins during the 4th quarter worth about $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins during the 4th quarter worth about $27,000. Meeder Asset Management Inc. boosted its holdings in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the period. Finally, TCTC Holdings LLC acquired a new position in Cummins in the 4th quarter valued at about $28,000. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

CMI stock traded down $1.73 during midday trading on Thursday, reaching $321.48. The company had a trading volume of 230,058 shares, compared to its average volume of 803,622. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The stock has a 50 day moving average price of $304.57 and a 200-day moving average price of $341.39. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market capitalization of $44.29 billion, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned $5.08 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. Cummins's dividend payout ratio (DPR) is 36.22%.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.41% of the company's stock.

Analyst Ratings Changes

CMI has been the topic of several research analyst reports. Barclays increased their price target on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Citigroup upped their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Morgan Stanley lifted their price target on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Robert W. Baird reduced their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Truist Financial reduced their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Cummins currently has an average rating of "Hold" and an average price target of $352.17.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.